Many people dream of becoming an art collector, and some of them falsely believe that it’s enough to have a pile of money to be a good one. Yet, truly successful art collectors need to blend a creative passion, a unique esthetic taste, and a thorough understanding of investment nuances. This article covers the fundamentals of mastering the art collector’s craft.
What separates you from becoming an art collector?
Below, we offer a step-by-step guide to help aspiring collectors start their art collections on the right note and without costly mistakes.
Embrace the investment aspect of art
The fact that you like a painting or sculpture isn’t a good reason to buy it if it’s the only appealing feature thereof. For most art collectors, the items they acquire have to serve two purposes simultaneously – esthetic pleasure and long-term investment potential. Art is a huge market with its own unique dynamics and landscape, so making the right purchase at the right time can make you rich several years later.
There is some unique pleasure in the careful selection of artworks that can embellish your collection, please your eyes for some time, and bring you a good ROI later. Therefore, the right approach for a seasoned collector is to treat your art collection like a portfolio of assets: diversify it, invest in value and growth items, and secure your financial interests in the long run.
Don’t ignore education
A vital part of becoming an art collector is some kind of education. It may be a formal degree at an art school or a comprehensive course that will familiarize you with various art movements, styles, and contemporary art trends. You may also engage in independent research and become a self-trained art expert. Anyway, by being active in the art industry and intellectual circles, you can establish vital relationships with other collectors and art advisors.
Develop a strategy
It’s hard to create a carefully curated, interesting collection if you don’t have a plan. Thus, you should start with strategy development, which will include a tentative budget and a schedule for artwork acquisition. Even if you don’t have the necessary financial resources to collect all the items in your strategy, you may engage investors if they like your idea. Thus, a strategy should look like a business plan, containing a clear rationale for bringing all those artworks together in a single collection.
Use these tips to begin collecting art smoothly and confidently. If you apply these hacks during your early steps in the art collection industry, you’re sure to find your way in the vibrant and diverse world of art much quicker.